Nitro Games (NITRO) Q4 2025 earnings summary

Executive summary

• Achieved profitability for the second consecutive year in 2025, maintaining a lean cost structure and improved equity position despite a 26% year-over-year revenue decline to €8.5M.

• Focused on action and shooter games, leveraging long-term partnerships, expanding Nitro Originals and iGaming ventures, and launching new original games and partner projects.

• Signed a €1.6M development agreement and an expansion agreement with Starbreeze; Pistolo began generating revenue share.

• Operating cash flow was €1.4M, enabling full repayment of a loan and strengthening the financial position.

• Promoted two homegrown talents to C-level management, reinforcing internal leadership.

Financial highlights

• Full-year 2025 revenue was €8.5M (down 26% year-over-year); Q4 revenue was €2.2M.

• EBITDA for 2025 was €1.6M (down from €2.4M); Q4 EBITDA was €783K (up from €556K).

• Operating profit (EBIT) for 2025 was €235K; Q4 EBIT was €412K.

• Net profit for 2025 was €137K; Q4 net profit was €390K.

• Cash and cash equivalents at year-end were €1.5M, with total equity at €2.6M and total assets at €6.3M.

Outlook and guidance

• Entering a new strategy period in 2026, aiming for growth through new original games, partner projects, and collaborations.

• The annual theme for 2025 is "new growth," focusing on Nitro Originals, new partnerships, and further iGaming exploration.

• Intends to maintain a focus on profitability and cash flow while pursuing growth in 2026.

• Vision to be recognized for category-leading games across platforms, genres, and audiences.